Royal Bank of Scotland is poised to take control of the 306,000 sq ft Friars Square shopping centre in Aylesbury, Buckinghamshire.
The bank is expected to assume control of the mall from Brookfield within the next week.
RBS is thought to be lining up the Duke of Westminster’s property firm, Grosvenor, to asset manage and advise on the proposed redevelopment of the mall.
Australian developer Multiplex – which was taken over by Brookfield in 2008 – bought the shopping centre for almost £90m in 2007. It planned to redevelop Friars Square in phases and was granted planning permission for a 15,900 sq ft extension in 2009. However, construction was brought to a standstill later that year as the credit crunch began to bite.
All parties declined to comment.
